stop being nice if you want be a young millionaire

Summary

In this video, the speaker challenges conventional ideas about morality in business. He argues that to achieve financial success, especially as a young entrepreneur, one may need to step outside their moral comfort zone, even if it feels uncomfortable. The speaker shares personal experiences, illustrating that sometimes creating pressure or discomfort is necessary to close deals and succeed. He emphasizes that successful entrepreneurs are often ruthless and willing to make tough, sometimes controversial decisions. Ultimately, the video conveys that being moral in the traditional sense may limit one's ability to amass wealth.

Takeaways

• 😀 Moral values in business can sometimes hinder financial success, and challenging your moral compass may be necessary to get ahead.
• 😀 While there are clear ethical boundaries (like not committing crimes), business often involves moral gray areas that require tough decisions.
• 😀 To succeed in business, especially in sales, you may need to pressure or discomfort others to get them to take action.
• 😀 Many successful entrepreneurs, including billionaires, are ruthless in business dealings and may not adhere to traditional moral standards.
• 😀 Being seen as morally good can be a barrier to success. You can either appear morally virtuous or be wealthy, but not both.
• 😀 Virtue signaling, such as displaying moral stickers, can be hypocritical, as many of the products people use are sourced unethically.
• 😀 Successful people in history, like Andrew Carnegie and John D. Rockefeller, used strategies that were seen as immoral at the time but were critical to their success.
• 😀 Successful entrepreneurs care more about winning and making money than about their public image or being seen as ‘good’ people.
• 😀 To win in competitive fields, you'll sometimes have to act in ways that others may consider immoral, such as poaching clients or using insider knowledge.
• 😀 True morality is demonstrated through actions rather than appearances. Many successful people are more focused on results than moral reputation.

Q & A

What is the main argument of the speaker regarding morality and business success?

The speaker argues that in business, achieving financial success may require actions that some people might perceive as immoral. While not endorsing extreme behaviors like fraud or violence, he suggests that entrepreneurs must often challenge their moral compass and be ruthless in their dealings to succeed.

How does the speaker describe the concept of morality in business?

The speaker defines morality in business as subjective. While certain actions like murder or theft are universally immoral, he points out that there are gray areas in business where being morally flexible or ruthless may be necessary to succeed.

What is the role of pressure and discomfort in closing sales, according to the speaker?

The speaker explains that in sales, creating discomfort or pain for potential clients by asking tough, reflective questions can motivate them to take action. Although he initially felt uncomfortable with this approach, he recognized that it was sometimes necessary to push clients in order to help them make decisions that would ultimately benefit them.

How does the speaker contrast his approach with the mindset of people who focus on appearing moral?

The speaker contrasts his approach by pointing out that many people prioritize appearing moral over achieving wealth. They choose to maintain a 'high moral' stance, which can hold them back in business, while successful entrepreneurs are willing to act ruthlessly to win, regardless of how they are perceived by others.

What does the speaker say about the most successful entrepreneurs and their morals?

The speaker asserts that many of the most successful entrepreneurs, including billionaires, are not 'good' in the traditional sense. While they may not commit extreme immoral acts, they are ruthless in business transactions and do not care about being seen as morally superior. They prioritize success over reputation.

How does the speaker use historical figures to illustrate his point about ruthless success?

The speaker refers to historical figures like Andrew Carnegie and John D. Rockefeller to show that great success often involves morally questionable actions. For instance, Carnegie used insider information to profit from land deals, and Rockefeller sabotaged competitors to build a monopoly. These actions, though deemed immoral by today's standards, contributed to their immense wealth.

What example does the speaker give of modern-day immoral practices in successful companies?

The speaker uses Jeff Bezos and Amazon as an example. He mentions the controversy surrounding Amazon's working conditions and low wages but points out that despite this, Bezos remains one of the richest men in the world. This highlights how people care more about results than moral perfection.

What is 'virtue signaling,' and how does the speaker criticize it?

Virtue signaling refers to the act of displaying moral values, often on social media, to gain approval from others. The speaker criticizes it by pointing out the hypocrisy in people who condemn exploitation, like child labor, but are still using products (like Apple's MacBooks) that may indirectly support such practices in third-world countries.

What does the speaker suggest is the ultimate choice for young entrepreneurs?

The speaker suggests that young entrepreneurs must choose between appearing moral and being poor, or embracing actions that may be seen as ruthless but achieving financial success. He stresses that it’s impossible to have both—either you can seem moral and be poor, or you can be successful and act in ways that others may deem immoral.

What is the speaker's final takeaway about morality and business?

The speaker's final takeaway is that success often requires actions that challenge conventional moral standards. While he acknowledges the importance of not being malicious or deceptive, he emphasizes that in business, you have to be willing to make tough decisions and embrace practices that may seem immoral in order to succeed.